Solar Panel Cost Guide in Homeland Park, SC (Mar 2023)
- Homeland Park Solar Installation Cost: $15,289
- 25-Year Savings: $28,375
- Payback Period: 8.8 Years
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Updated March 14, 2023
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Average Cost of Solar Panels in Homeland Park
Find out what the average cost of installing solar panels is in Homeland Park.
Currently, the national average cost of solar panels is $2.66 per watt. However, in Homeland Park, the typical cost of solar panels is 2.72 per watt. Since a 8.0-kW system is needed to cover the energy consumption of a typical home in Homeland Park, the average price of going solar will be about $15,289 after claiming the federal solar tax credit of 30%.
These figures are only estimates, and your own solar costs will most likely look different based on the amount of energy your home requires and what company you want to go with. With average savings of about $21,000 on electricity bills over 20 years, many homeowners in Homeland Park find investing in solar can be quite rewarding.
To receive a free quote from a highly rated solar company in Homeland Park, you can click the button below.
Solar savings over time in Homeland Park
| Year | Return on Investment |
|---|---|
| 1 years | $-13,543 |
| 3 years | $-10,049 |
| 5 years | $-6,556 |
| 7 years | $-3,063 |
| 9 years | $430 |
| 11 years | $3,923 |
| 13 years | $7,416 |
| 15 years | $10,910 |
| 17 years | $14,403 |
| 19 years | $17,896 |
| 21 years | $21,389 |
| 23 years | $24,882 |
| 25 years | $28,375 |
Top Solar Installers in Homeland Park
DIY solar panel installation is a choice some homeowners opt for, but it's an undertaking that can take a lot of hard work. Going with a solar panel installer can make your switch to solar power much easier. A solar installer can also help save you money in the long run by providing warranties, repairs and component replacements.
Working with a professional solar installer can help you make the most of your investment in solar. Here are our recommendations:
Best Solar Financing
Blue Raven Solar
- Industry-leading in-house financing
- Competitive pricing
- Excellent reputation
- Doesn't offer solar batteries (coming 2022)
Outstanding Regional Installer
Renu Energy Solutions
- Excellent reputation
- Many financing options
- Representatives are experts on local policies
- No leases or PPAs
See all of the solar companies in Homeland Park
Factors that Affect Solar Panel Costs in Homeland Park
The cost of installing a solar system in Homeland Park can vary by more than $10,000 from home to home. Your actual cost is dependent on several factors. The most significant one is the size of the system your home needs, and other factors include equipment choices, financing options and the solar company you choose.
Solar Equipment
When it comes to estimating the cost of solar panels in Homeland Park, one of the most crucial factors is the size of the system you need. Solar systems are sized by kilowatts (kW) and are mainly based on your home's energy consumption, which you can determine by looking at past electricity bills. Your total cost can increase by about $2,720 for each additional kilowatt you need. The type of solar equipment you choose can bring your price up or down by thousands or even tens of thousands of dollars. If you opt for the most efficient solar panel brands, you'll end up paying more upfront than if you opted for the most affordable panels. However, more efficient panels could save you more over time on your power bills. In addition, add-on products, like solar batteries, can bump up your total well above the Homeland Park average.
Solar Financing Terms
If paying for solar panels in cash is difficult, solar loans are an affordable option because they lower your upfront costs and allow you to pay for your system over a term of, on average, between five and seven years. While solar loans make switching to solar energy more accessible for Homeland Park homeowners, they can also add to the total you pay for your system, depending on your interest rate. If you put down a larger down payment, though, you can avoid paying as much in interest.
Solar Panel Installation Company
Lastly, the company you hire to install your solar system can play a part in determining your pricing. Homeland Park's solar companies all have different labor costs and add varying upcharges to equipment. Larger national companies generally have lower costs, but some local companies compete with them by promoting sales and discounts. While the smaller companies might not have access to specific equipment options like Tesla Powerwall batteries or extra services like electric car charger installation, they might be cheaper overall.
Solar Panel Cost Data by System Size
| System size | Cost per system watt | Solar system cost | 25-Year savings | Payback period |
|---|---|---|---|---|
| 6 kW | $2.83 | $11,881 | $20,730 | 9.1 years |
| 8 kW | $2.77 | $15,537 | $27,945 | 8.9 years |
| 10 kW | $2.72 | $19,040 | $35,312 | 8.8 years |
| 12 kW | $2.67 | $22,391 | $42,832 | 8.6 years |
| 14 kW | $2.61 | $25,590 | $50,503 | 8.4 years |
| 16 kW | $2.56 | $28,636 | $58,327 | 8.2 years |
| 18 kW | $2.50 | $31,530 | $66,304 | 8.1 years |
| 20 kW | $2.45 | $34,272 | $74,432 | 7.9 years |
How to Save on Solar Panels
There are many solar installers to choose from, all of which offer different warranties, solar panel brands and price points. To help you find the right company for you, here are some tips to keep in mind:
- Installation Process: One of the most important things to understand when adopting solar power is the installation process itself. Be sure to clarify any details you need to know with your solar installer, such as what permits you should acquire and what the project timeline is.
- Contract: When looking through your solar company's contract, ask for clarification about any terms you're not sure of and be sure you understand what happens in scenarios like a system component breaking or the company going out of business.
- Solar Panel Brands: Not all solar companies have the same brands of solar panels, so the brand and type of panel you want can play a significant role in the company you opt for.
- Reputation: Solar installers that have great reviews from their customers and that have been operating for many years likely offer good-quality solar panel installation and expertise.
Best Solar Financing
Blue Raven Solar
- Industry-leading in-house financing
- Competitive pricing
- Excellent reputation
- Doesn't offer solar batteries (coming 2022)
Outstanding Regional Installer
Renu Energy Solutions
- Excellent reputation
- Many financing options
- Representatives are experts on local policies
- No leases or PPAs
EcoWatch's Homeland Park, SC Solar Cost FAQs
How much does it cost to install solar panels in Homeland Park?
This is a hard question to answer exactly, because the cost depends on many factors. Broadly speaking, it costs about $13,600 for a 5-kW system and $27,200 for a 10-kW system after the ITC is applied. It will cost more if you want other solar equipment or higher quality panels, or if you have above-average energy usage. On the other hand, you can spend less if you want a smaller solar panel system or less expensive solar panels.
Should I lease or buy solar panels in Homeland Park?
Leasing solar panels can be an appealing choice, because it commonly comes with low or $0 upfront payments. The drawback is that you won't be able to save as much. If you lease, you don't own the system, so you can't claim any incentives and your home value won't increase. Buying solar panels is a better option if you want to maximize your savings.
How will installing solar panels impact my property value?
Solar panels can increase the value of your home remarkably as long as you buy or finance your panels and don't choose a solar lease or power purchase agreement (PPA). According to research done by Zillow, the average home value increases by about 4.1% after installing solar panels."
How often do you have to replace solar panels?
Even though the average lifespan of solar panels is 25 to 30 years, that doesn't mean they should be disposed of at that time. What this means is their energy production will have decreased significantly after that point. You can decide to replace them once you've had them for that long or you can continue to use them at a lower efficiency.
Our goal is to reach as many people as we can with sensible solutions like solar energy. Our team of full-time local researchers collects solar price and installation data for every city in America then compiles it to create these digestible city guides. If you want to read our solar expert's opinion on the top solar companies featured here, follow this link.
Company research was conducted by Melissa Smith and Karsten Neumeister. Local data analysis was conducted by James Savino. See something we missed or could do better? Email the editor.